Seoul shares seen easing as U.S. GDP data disappoint
SEOUL, April 29 (Reuters) - South Korean shares are likely to open softer on Monday following a 2 percent rise last week, after weaker-than-expected U.S. first-quarter growth data heightened concerns for the world's biggest economy. "The KOSPI will remain rangebound today and this week because there is little momentum," said Park Hyeong-joong, an analyst at Meritz Securities. "I have a conservative view of the global economy in the current quarter, and with fiscal and monetary stimulus struggling to gain traction here, South Korean companies will suffer at home and abroad." The Korea Composite Stock Price Index (KOSPI) closed down 0.4 percent at 1,944.56 points on Friday, easing from a three-week high a day earlier driven by better-than-expected earnings results. ---------------------MARKET SNAPSHOT @22:33 GMT------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,582.24 -0.18% -2.920 USD/JPY 97.80 -0.27% -0.260 10-YR US TSY YLD 1.665 -- 0.000 SPOT GOLD $1,464.76 0.15% 2.260 US CRUDE $92.71 -0.31% -0.290 DOW JONES 14712.55 0.08% 11.75 ASIA ADRS 141.75 -0.36% -0.52 ------------------------------------------------------------>Wal l Street dips after GDP but finishes week higher >Yields fall as weak U.S. GDP adds to growth fears >Dollar drops vs yen after BoJ, disappointing US GDP >Oil prices fall on poor global growth outlook ---STOCKS TO WATCH--- **OCI ** The South Korean firm said on Friday after the closing bell that three polysilicon orders worth 1.46 trillion Korean won from units of China's solar panel maker Suntech Power Holdings were cancelled because of their financial troubles. **HYUNDAI MOTOR ** Its South Korean labour union agreed to restart weekend production from this week after output stoppages during weekends in March and April over wages hit its sales and earnings. The South Korean automaker also plans to expand its annual manufacturing capacity at its third factory in China by 150,000 vehicles to 450,000 by the end of this year, media reports said on Monday. **POSCO ** Moody's Investors Service said on Friday that the moderate year-on-year decline in POSCO's (Baa1 negative) earnings for the first quarter of 2013 is credit negative. "POSCO's lower earnings for 1Q 2013, in combination with the challenging external environment, will make it difficult for the company to improve its financial profile over the next 12 months to a level consistent with its Baa1 rating," said Chris Park, a Moody's Vice President and Senior Credit Officer.
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